The Medical Psilocybin Act establishes a regulated framework for the therapeutic use of psilocybin in New Mexico, allowing licensed clinicians to administer the substance to patients with specific medical conditions, including major treatment-resistant depression, posttraumatic stress disorder, and substance use disorders. The Act creates a medical psilocybin advisory board to oversee the program, recommend qualifying conditions, and ensure adherence to best practices. It also provides legal protections for participants in the program against criminal and civil penalties related to the medical use of psilocybin and outlines guidelines for its production and administration.

To facilitate this framework, the bill amends the Controlled Substances Act by removing psilocybin and psilocin from the Schedule I controlled substances list for medical use, while still regulating their production and administration. It introduces a gross receipts tax deduction for medical psilocybin products and establishes two dedicated funds: the medical psilocybin treatment equity fund and the medical psilocybin research fund, each receiving $1 million from the general fund for fiscal year 2026 and beyond. The bill ensures that any unspent balances in these funds at the end of a fiscal year will not revert to the general fund, allowing for continued support of their intended purposes.

Statutes affected:
introduced version: 7-9-73.2, 30-31-6